The Lightning Network is on a tear. 

Bitcoin’s layer-2 scaling solution the Lightning Network achieved impressive growth, according a report published today by Bitcoin financial services company River Financial. Among the impressive figures: routed transactions have skyrocketed from 503,115 in August 2021 to 6,599,553 in August 2023, representing near-vertical growth of 1,212%. 

Routed transactions are transactions that involve more than two nodes, which means that the aforementioned numbers could be much higher, as pointed out by Sam Wouters, research analyst for River and author of today’s report, who said the figures “come as a shock.” So much so, that he had to run the numbers “many times,” validating the calculations with external parties.

Despite there being only 5,000 Bitcoin locked in the network, coupled with the ongoing bear market, he said Lightning “is accomplishing so much.”

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Author: Pedro Solimano

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